Floating Asset

ISBN-13: 9783565258727 / Angielski / Miękka / 136 str.

George M. Miller

Opis

In 1963, Tino De Angelis controlled the world's soybean oil market. Or so it seemed. His company had tanks in New Jersey filled with millions of dollars' worth of oil-collateral for massive loans from American Express. But when inspectors came to measure the inventory, they didn't know the trick: oil floats on water."The Floating Asset" details the "Salad Oil Scandal," where De Angelis filled his tanks with sea water and pumped just a few feet of oil on top to fool the dipsticks. It's a classic tale of corporate negligence, showing how a simple physics trick caused a market crash and gave a young Warren Buffett the chance to buy into American Express at rock bottom.

The tanks were full, the loans were signed, but the assets were just salt water and a layer of grease.